'Too Many Red Flags' JP Morgan Downgrades GNC Holdings

In a note released Wednesday morning, JP Morgan analyst Christopher Horvers downgraded GNC Holdings Inc. GNC from Overweight to Neutral and reduced the price target from $50 to $38. Horvers noted "sluggish sales", the departure of CFO, Mike Nuzzo, and potential earnings revisions over the next few quarters as reasons for the downgrade. Despite the downgrade, shares of GNC are trading up about a quarter of a percent early in Wednesday's market session.